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The boss of America’s largest lender yesterday said “big dumb banks” that failed deserved to be “buried in disgrace” and a dose of “Old Testament justice” rather than being propped up by taxpayers.

Jamie Dimon, the chairman and chief executive of JP Morgan, was giving evidence to the Senate Banking Committee yesterday after bankers within its London-based chief investment office lost at least $2 billion (£1.3 billion).

When asked if banks had become too big to be allowed to fail, he replied: “We have to get rid of ‘too big to fail’. Banks have to be able to fail without